Passing up the opportunity to snag a bank bonus that’s potentially worth several hundred dollars is effectively leaving money on the table. You’re not alone if you happen to be guilty of this behavior. According to a recent GOBankingRates survey, plenty of Americans are missing out on free money from banks: 65% of respondents stated they wouldn’t switch banks due to a bonus offer or promotion, and 57% don’t know whether their current financial institution offers promotions on a regular basis.
CIT Bank currently is offering up to a $300 bonus in connection with its CIT Savings Builder account for both new and existing customers. Find out what you need to do to get yours.
- CIT Bank Promotions at a Glance
- Current CIT Bank Promotions
- Opening a CIT Bank Account
- Is CIT Bank a Good Choice for You?
Before diving into the details, see if either of these current CIT Bank promotions is a match for your financial goals.
|CIT Bank Promotions|
|Account||Cash Bonus||Expires||Minimum Deposit To Qualify|
|CIT Savings Builder||$150||May 30, 2020||$25,000 to $49,999|
|CIT Savings Builder||$300||May 30, 2020||$50,000 or more|
Although CIT Bank offers various types of deposit accounts, its Savings Builder account is the only one offering bonuses at this time. Here are all the details for each bonus.
The CIT Savings Builder account, which allows you to earn daily compounding interest, offers an annual percentage yield of 1.75% after the first “evaluation day.” The first evaluation day begins on the third business day prior to the end of the month following the month of account opening.
The account also includes access to the CIT Bank mobile app, which will allow you to deposit checks and make transfers from wherever you are.
- Minimum Deposit To Qualify: $50,000
- Expiration Date: May 30, 2020
- How To Get It: Both existing and new customers can open a Savings Builder account. New customers must open the account with a valid promo code, which can be found on the enrollment webpage for the Savings Builder account bonus promotion, and make the minimum deposit. Existing CIT Bank customers with a Savings Builder account can enroll their account through the enrollment webpage for the Savings Builder account bonus promotion and then deposit the additional funds needed to qualify for the promotion.
- When You’ll Get It: The $300 bonus will be credited to your account within one to seven business days following the funding period.
- Terms and Conditions: Fund your account with outside funds within 15 days of opening, also known as the funding period. Maintain a minimum balance of $50,000 for 30 calendar days following the end of the funding period if you’re an existing customer. New CIT Bank customers must maintain the minimum balance for at least 90 calendar days.
- Monthly Fees: No monthly maintenance fees apply.
Find Out More: CIT Bank Savings Builder Product Review
The CIT Savings Builder account offering a $150 bonus is the same account, with the same features, as the account offering the $300 bonus. One thing to note with the account — no matter what bonus it pays — is that once you earn your bonus and want to make withdrawals, you’re limited to six convenience transactions per statement cycle due to Regulation D reserve requirements.
- Minimum Deposit To Qualify: $25,000
- Expiration Date: May 30,2020
- How To Get It: Existing and new customers are eligible to open a Savings Builder account. New customers must use a valid promo code to open the account and make the minimum deposit. The promo code can be found on the enrollment webpage for the Savings Builder account bonus promotion. Existing CIT Bank customers who have a Savings Builder account can enroll their savings accounts through the enrollment webpage and make the minimum deposit needed to qualify for the promotion.
- When You’ll Get It: The $150 bonus will be credited to your account within one to seven business days after the funding period ends.
- Terms and Conditions: Fund your account with new money within 15 days of opening, also known as the funding period. Maintain a minimum balance of $25,000 for 30 calendar days following the end of the funding period if you’re an existing CIT Bank customer. New CIT Bank customers must maintain the minimum balance for at least 90 days.
- Monthly Fees: Monthly maintenance fees do not apply to this account.
CIT Bank is an online-only bank, so you won’t be able to open an account in person. Here’s how to open an account online:
- Go to CIT Bank’s account opening page. For the Savings Builder promotion, go here.
- Select whether you are a new or existing CIT Bank customer.
- Follow the on-screen instructions to complete the application.
You can also call CIT Bank at 855-462-2652 to open an account. Help is available Monday through Friday, 8 a.m. to 9 p.m. ET; Saturday, 9 a.m. to 5 p.m. ET; and Sunday, 11 a.m. to 4 p.m. ET.
Whether or not CIT Bank is a good choice for you depends on your financial needs. CIT bank is not a full-service bank. It only offers deposit accounts — checking, savings, money market and CD — and home loans. It does not offer other types of loans or credit cards. But its accounts are free of monthly service fees and pay higher-than-average rates.
Plus, in the event you don’t mind banking with a digital bank and have at least $25,000 to deposit, you could score a nice cash bonus by opening the bank’s Savings Builder account.
More From CIT Bank
- CIT Bank Review 2019: Is It the Right Bank for You?
- CIT Bank Savings Builder Product Review: Save More, Earn More
- CIT Bank CD Rates Review: Variety of Products, No Maintenance Fees
- Best CIT Bank Promotions and Offers: March 2020
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This content is not provided by CIT Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by CIT Bank.